Team SoloMid, ranked the most valuable esports organization in the world in 2020, announced an exclusive 10-year, $210 million naming rights partnership with FTX.
The deal is the largest of its kind in competitive gaming history.
“We think that TSM will be able to help massively expand the presence of digital assets outside the traditional landscape,” said Sam Bankman-Fried, the 28-year-old billionaire founder of FTX.
The cryptocurrency exchange is having a milestone year. In March, it finalized a 19-year, $135 million deal to take over naming rights for the Miami Heat’s arena — one of the most expensive naming rights deals ever.
TSM will now be called TSM FTX, and the $210 million will help the team expand into mobile and accelerate its global reach.
Founded by entrepreneur and former esports athlete Andy Dinh in 2009, TSM had a valuation of $410 million in 2020, per Forbes. It fields players in global gaming hits like “League of Legends,” “Fortnite,” and “Super Smash Bros.”
The $21-million-a-year partnership measures up to naming rights deals in major pro sports:
- Barclays’ deal with the Brooklyn Nets ($20 million per year).
- Citibank’s deal with the New York Mets ($21 million per year).
- Allegiant’s deal with the Las Vegas Raiders (between $20 and $25 million per year).
TSM FTX is set to distribute cryptocurrency to each of its players and employees and will purchase $1 million in FTT, FTX’s flagship digital token.